JP Morgan Outlook For Credit Cards Is Lower Volume (V, MA)
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Also creating weakness in credit card processors MasterCard (NYSE: MA) and Visa (NYSE: V) today is data today from JP Morgan Chase (NYSE: JPM) that credit card sales volume was down 9% year-over-year and 16% quarter-over-quarter. They also see a lower charge volume outlook.
In disclosing the data, JP Morgan said this was not a surprise. So while investors in MA and V may have expected lower volume, they are clearly not happy with the news.
This goes hand and hand with the comments from the Wal-Mart CEO about people using cash more.
The two credit card processors are moving lower on the negative analyst sentiment. Visa is currently down 1.8% to $58.03, while shares of MasterCard are down more than 4% to $158.81.
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